Following in the path of other rapidly growing technology companies, brand-building software maker Lithium Technologies Inc. has turned to a syndicate of public market investors to better position itself for an eventual initial public offering.

The company has raised $50 million in equity from unnamed public market investors and current investor New Enterprise Associates. The company has now raised about $150 million and continues to head toward an IPO, according to Chief Executive Rob Tarkoff, although he declined to name Lithium's public market investors or say when that IPO could occur....